The NGC Group of Companies has recorded a massive $4.7 billion dollar turnaround in its fortune between 2020 and 2021 as it recorded an after tax profit of TT$2.6 billion for the financial year ended December, 31, 2021.
The company said the after-tax profit represents a significant improvement in its performance when compared to 2020 when it recorded a loss of TT$2.1 billion.
The Group’s revenue for last year stood at TT$23.6B, an increase of TT$12.2B over the revenue of TT$11.4B for 2020. The NGC’s Board of Directors said the Group’s revenues and margins benefited from the rebound in commodity prices as the global prices of ammonia, methanol, liquefied natural gas (LNG), and natural gas liquids (NGLs), increased by 190%, 92%, 911% and 112% respectively.
In addition, the NGC Group noted several operational achievements over the course of the year.
The group stated, “The National Gas Company of Trinidad and Tobago Limited (NGC), was unflagging in its efforts to secure the supply and sale of natural gas and finalised gas contracts after negotiations with DeNovo in the upstream, and Trinidad Nitrogen Company Limited (TRINGEN) and Methanol Holdings (Trinidad) Limited (MHTL) in the downstream. The Company also increased its shareholding in Block 3(a) from 11.41% to 31.54% with the acquisition of Heritage Petroleum’s Non-Operated Joint Venture (NOJV) participating interest.”
The NGC Group also pushed for international growth through the continuation of its remote management of its first international technical services project in Ghana which it said had successfully delivered on all planned milestones.
The group’s subsidiary Phoenix Park Gas Processors Ltd (PPGPL), also saw significant returns on its international investment following the purchase of the NGL marketing assets of Twin Eagle Liquids Marketing LLC in 2020.
PPGPL’s North American subsidiary delivered a robust performance in its first full year of operations.
In its financial statement the NGC Group highlighted another of its achievements in 2021 as the National Energy Corporation’s installation of a solar array rooftop to power operations at the multi-fuelling station opened at Preysal. The group also pointed to the NGC’s signing a Memorandum of Understanding (MOU) with Kenesjay Green Limited, to examine the feasibility of sustainable hydrogen economy for Trinidad and Tobago as well as an MOU with the Trinidad and Tobago Solid Waste Management Company Limited (SWMCOL) to explore commercialisation of landfill gas as notable accomplishments.